Adoption of Stamp Duty Authority’s value without referring to valuation officer unjustified

Mohammed Khalid Habib Parihar Vs ITO (ITAT Mumbai) ITAT Mumbai held that adoption of value of land as determined by the Stamp Duty Authority without referring the valuation to Valuation Officer u/s. 50C of the Income Tax Act unjustified. Accordingly, matter restored for de novo adjudication. Facts- During scrutiny assessment, it was observed that the assessee has sold a jointly owned immovable property. As per the assessee in the said property, he had a 40% share. It was further noticed that the assessee has received a sum of Rs. 2,40,00,000 as the sale consideration. On examination of the agr...